Indi Energy said it would use the funding amount to enhance its research and development activities and scale up its proprietary sodium-ion battery technology, which is made from agricultural waste.
The company claims to have achieved a breakthrough in sodium-ion batteries, with its energy density three to four times higher than commercialized lead-acid batteries. It has also filed a patent for its sodium-ion batteries.
The negative electrode of the sodium-ion battery is made from materials like paddy straw and cattle manure. This would help resolve the issue of burning rice or paddy straws and convert them into a valuable energy source.
Indi Energy aims to develop energy storage technologies like lithium-ion and sodium-ion batteries, solid-state batteries, and supercapacitors. It also envisions providing high-performance battery technology for various applications like solar and wind grid storage, electric two-wheelers, electric rickshaws, batteries for solar lights, and inverter batteries.
Akash Soni, Co-Founder and Chief Executive Officer (CEO) of Indi Energy, said, “Indi Energy is on a mission to develop low-cost, safe, and high-performance sodium-ion batteries that are manufactured from agricultural waste and bio waste such as paddy straws and natural resources from the earth such as sodium, thereby reducing our dependence on scarce elements such as lithium, cobalt, and nickel which are essential components of lithium-ion batteries.”
“In today’s world that is almost entirely powered by technology and gadgets, there is increased awareness about climate change and waste generation, and sustainable energy production and waste utilization are the need of the hour. We believe that this funding will help Indi Energy scale up its operations and ramp up infrastructure to drive growth,” said Nandini Mansinghka, Co-Founder and CEO, Mumbai Angels Network.
According to Mercom’s Q1 2021 Funding and M&A Report for Storage, Grid & Efficiency, venture capital funding, including private equity and corporate venture capital raised by battery storage companies, stood at $994 million in 13 deals. VC funding raised by battery storage companies in Q1 2021 increased by 183% to $994 million compared to $351 million in Q4 2020. Year-over-year funding in Q1 2021 was 506% higher compared to $164 million in Q1 2020.
Harsh is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.